A Washington housing regulator is looking to siphon at least $6 billion from Dimon’s JPMorgan Chase to settle claims the banking giant sold toxic mortgages to Fannie Mae and Freddie Mac.

The Federal Housing Finance Agency, which oversees Fannie and Freddie, claims JPM’s mortgage operations misled it when it sold the government-backed entities some $33 billion in mortgages from 2005 to 2007, according to a report.

Barring a settlement, FHFA’s case against JPM is set to go to trial in June, according to the Financial Times, which first reported on the proposed $6 billion settlement offer.

JPM may be willing to settle its FHFA suit, but for a far smaller sum, sources said.

Spokesmen for JPM and FHFA declined comment.

Talk of a possible multibillion-dollar settlement comes as Dimon’s JPM finds itself one of the most penalized banks on Wall Street.

With $6.8 billion set aside this year to pay regulatory fines and settlements, JPM is also facing the possibility of:

* A $500 million to $600 million penalty from the Justice Dept. and Securities and Exchange Commission, the Wall Street Journal reported, related to its embarrassing “London Whale” trading blowup that cost several employees their jobs.

* Roughly $80 million in fines from the Comptroller of the Currency and the Consumer Financial Protection Bureau over claims JPM misled customers over identity theft prevention products, the New York Times reported.

JPM recognizes that it’s done wrong and is willing to shell out fat fines when warranted, but also believes that it deserves some credit for extending a helping hand to the industry during the financial crisis, sources noted.

Under the urging of the Federal Reserve, JPM scooped up Bear Stearns in March 2008 and bought Washington Mutual the following year upon prompting from the Federal Deposit Insurance Corp.

It is expected that JPM’s settlement with the FHFA will exceed that of UBS, which will pay $885 million to resolve similar charges.

JPM’s mortgage platform is much larger.

The suit is one of 17 the FHFA filed against JPM, Citigroup, Merrill Lynch, Bank of America and others.